FSC bans South Koreans from purchasing crypto with credit cards.

South Korea’s Financial Services Commission (FSC) has proposed a ban on the use of credit cards to purchase cryptocurrencies. The FSC aims to limit local citizens from trading on foreign crypto exchanges and address concerns over the illegal outflow of domestic funds. Existing regulations in South Korea already impose stricter rules on local crypto exchanges compared to foreign exchanges. The FSC plans to collect public feedback on the proposed ban until February 13, 2024, with implementation expected in the first half of 2024. This move comes as South Korea strives to improve crypto regulation and increase transparency in the industry. Recently, the FSC introduced draft rules mandating virtual-asset companies to disclose their holdings in financial statements. The country’s Ministry of Personnel Management also announced that high-ranking public officials must disclose their crypto holdings starting this year to improve transparency in public service.